Global Microwavable Foods Market – Industry Trends and Forecast to 2029

Microwavable Foods Market Analysis and Size

Due to the urbanisation and a faster-paced lifestyle, many market trends have shifted. In today's fast-paced world, everyone wants to get more done in less time. Microwavable foods fit the criteria perfectly and completely changed how we consume nutrition-rich foods.

Data Bridge Market Research analyses that the microwavable foods market was growing at a value of USD 102.60 billion in 2021 and is expected to reach a value of USD 140.67 billion and registering a CAGR of 4.1% from 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

Microwavable foods require little preparation and can be cooked in a standard microwave oven. Microwavable foods have nutritional benefits because they do not contain added fat, have a long shelf life, and can be prepared in less time. The frozen foods are pre-treated with heat or dried to kill food-borne microorganisms, extending their shelf life. Furthermore, microwavable chilled food is kept at refrigeration temperatures which is between 0 and -5°C.

Microwavable Foods Market Dynamics

Drivers

• Rising urbanization and growing trend of convenience food around the world

As they require less time and effort to prepare than cooking from scratch, the growing consumer preference for convenience foods indirectly benefits the growing demand for microwavable foods. Consumers' hectic lifestyles have increased demand for processed foods. As a result, there is an increase in demand for microwavable goods. Increased disposable income has a significant impact on the growth of the microwavable food market because it increases consumer purchasing power.

• Expansions of convenience stores as well growing working class population

Food supply chain companies' sales of microwaveable foods continue to contribute significantly to revenue. Additional revenue share is expected soon as convenience stores expand their selection of microwavable ready meals and internet sales enter previously untapped market opportunities.

Microwavable foods are becoming more popular in developed countries, where consumption exceeds that of developing countries. The rise in the number of people working in emerging economies like China and India, as well as the trend toward longer and more variable work hours, has resulted in a gradual shift away from the traditional paradigm of daily cooking.

Opportunities

The unexpected breakdown of COVID-19 around the world has significantly increased demand for microwavable foods, which have the advantage of retaining nutrition for a longer period of time and having a longer shelf life than other fresh fruits, vegetables, and meat, which are also expected to fuel market growth. Furthermore, rising retail digitalization and rapidly rising processed food trade will create new opportunities for the microwavable foods market during the forecast period.

Restraints

However, the growing preference for fresh and natural food products, as well as the growing need for constant temperature monitoring, are expected to slow the growth rate of the microwavable foods market, while a lack of cold chain infrastructure in developing economies will pose a market challenge for microwavable foods during the forecast period.

This microwavable foods market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the microwavable Foods market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Microwavable Foods Market

The COVID-19 outbreak has increased demand for convenience products. During the pandemic, consumers were constantly purchasing ready-to-eat or ready-to-cook meals because they were inexpensive. All restaurants, hotels, and shopping malls have implemented severe lockdown measures, which has impacted eating habits globally due to lockdown and public safety measures. This factor has also influenced many people to switch to home-cooked meals and packaged ready foods that can be delivered to their homes via a variety of supermarkets or hypermarkets, as well as e-commerce grocery store home delivery options, as dining-out options were limited. Fear of the virus spreading in public places has resulted in the purchase of packaged and long-life foods rather than fresh food.

Recent Development

• In 2021, Nomad Foods announced an agreement with Fortenova Grupa d. d. to acquire Fortenova's Microwavable Food Business Group (FFBG) in cash for USD 724 million in order to expand its product portfolio, as FFBG offers a diverse range of microwavable meals and has a strong distribution channel in Eastern Europe.
• In 2021, Conagra Brands Inc. debuted its extensive summer line of products to provide manufacturers with single-serve microwavable meals and collect brands with new Banquet, Marie Callender's, Wholesome Alternative, and Hungry Man dishes. Conagra's mission is to provide nutritious microwavable foods to customers.
• In 2020, the Dutch start-up Lazy Vegan released its latest microwavable ready meal, "Thai Green Curry," which is gluten-free and soy-free. It also launched vegan microwavable meals with plant-based chicken and Foods in order to establish a strong presence in the European market.

Global Microwavable Foods Market Scope

The microwavable foods market is segmented on the basis of product type, packing technology and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Shelf Stable Microwavable Food
• Chilled Food
• Microwavable Food

Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Channels
• Others

Packing Technology

• Patterned Susceptors Technology
• New Tray-lidding Methods
• New Cook Bag Technique

Microwavable Foods Market Regional Analysis/Insights

The microwavable foods market is analysed and market size insights and trends are provided by country product type, packing technology and distribution channel as referenced above.

The countries covered in the microwavable foods market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the microwavable foods market as a result of increased demand caused by the COVID-19 pandemic, which has affected several countries. Furthermore, during the forecast period, the region's population growth, rapid urbanisation, and increased customer awareness of the benefits of microwavable food will drive the growth of the microwavable foods market.

Asia-Pacific is expected to see significant growth in the microwavable foods market during the forecast period of 2022 to 2029 because of the rise in the trend of ready-to-eat food among the working-class population. Furthermore, the substantial increase in demand for microwavable food due to the decrease in time for preparing and cooking is expected to further propel the market growth in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Microwavable Foods Market Share Analysis

The microwavable foods market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to microwavable foods market.

Some of the major players operating in the microwavable foods market are:

• The Hain Celestial Company (U.S.)
• AGRARFROST GMBH & CO. KG (Germany)
• Agristo (Belgium)
• Bart's Potato Company bvba (Belgium)
• Royal Cosun (Netherlands)
• Farm Frites (Netherlands)
• Greenyard (Belgium)
• Himalaya Food International Ltd. (India)
• J.R. Simplot Company (U.S.)
• McCain Foods Ltd. (U.K.)
• Lamb Weston Holdings, Inc. (U.K.)
• General Mills, Inc. (U.S.)
• Mondelez International, Inc. (U.S.)
• THE KRAFT HEINZ COMPANY (U.S.)  

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